Right about this time every year we send a letter to all of our borrowers suggesting that they get their property taxes appealed, especially if you are in the City of Detroit. Most cities have a property tax appeal process, which is only available for a limited time in February. This can result in a significant reduction to the taxable value of the property, keeping more money in your pocket every month. Failure to act on this could result in you losing out on the opportunity to lower your monthly mortgage payment. I’ve attached a couple of links below in case you are interested in doing this.
http://www.protaxappeals.com and http://www.overtaxedproperty.com
The problem is that most decide to follow through when it's too late and then they have to wait a year before they can attempt the process again, that's right, a whole year! If you believe your property taxes are too high because they're based on a value that is no longer as high as it once was then you are overpaying, so contact your local municipality to find out their appeal process now before it's too late.
Comments(2)